REIA President and her partner fined $10,000 for failure to respond to her private lending practices. Here’s a practice that happens at every Real Estate Investor Association (REIA). One player is cruising the crowd to seek out a private lending partner while the private lenders are seeking out potential investors needing short-term funding. It’s not really new and it happens across the nation every monthly REIA meeting.
So what’s the problem?
Private lending in Ohio is dying fast. Commissioner Andrea L. Seidt of the Ohio Securities Division and her team have progressively taken aim at real estate investors that are selling promissory notes, trust deeds, LLC membership units and other items that are deemed securities.
Since 2006, the OH Securities Division has focused on companies advertising real estate securities. Their goal is to stop companies from selling unregistered securities and to protect Ohio residents from those companies that are not in compliance.